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Price Signal Summary - USDBRL Trend Needle Points South

LATAM FX
  • USDMXN maintains a softer tone and Wednesday’s extension lower reinforces bearish conditions. The move has confirmed a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. The focus is on 17.4503, the Jul 19 2017 low. Firm resistance is unchanged at 18.4011, the Apr 5 high. A breach would signal a potential reversal. First resistance is at 17.9044, the 20-day EMA.
  • The trend outlook in {BZ} USDBRL remains bearish. On Apr 12, the pair cleared support at 4.9410, the Feb 2 low. This confirmed a resumption of the broader bear cycle that started Nov 17 last year. The move lower opens 4.8889, 76.4% of the May - Nov 2022 bull phase. A break would expose 4.8478, the Jun 8 2022 low. On the upside, the next firm resistance to watch is seen at 5.0678, the 50-day EMA. A clear break of this average would alter the picture and highlight a stronger short-term reversal.
  • {CL} USDCLP is consolidating and remains above 783.10, the Mar 31 low. A continuation lower and breach of 783.10, would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this level would confirm a resumption of the broader downtrend. A stronger bounce and a resumption of gains would instead refocus attention on key short-term resistance at 837.15, the Mar 17 high.
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